Sam Bankman-Fried sentenced to 25 years for FTX fraud
FTX founder Sam Bankman-Fried once bragged that he had a 5 percent chance of becoming president of the United States | Collage by Cath Virginia / The Verge | Photo by Victor J. Blue, Bloomberg, Getty Images
FTX co-founder Sam Bankman-Fried was sentenced to a total of 300 months, or 25 years, in prison for seven counts of conspiracy and fraud charges stemming from the collapse of the crypto exchange he started. The judge applied a 240-month sentence for four of the charges, plus a 60-month sentence for two others, and ordered that Bankman-Fried forfeit more than $11 billion (including property) as recommended by prosecutors.
Judge Lewis Kaplan’s sentence was shorter than the 40 to 50 years requested by prosecutors, which he said was more than necessary, but longer than the six and a half years Bankman-Fried’s lawyers asked for and far less than the maximum sentence of 110 years.
Recapping the trial, he said that Bankman-Fried knew FTX was...